A mitigation bank is a wetland, stream, or other aquatic resource area that has been restored, established, enhanced, or (in certain circumstances) preserved for the purpose of providing compensation for unavoidable impacts to aquatic resources.
A mitigation bank may be created when a government agency, corporation, nonprofit organization, or other entity undertakes these activities under a formal agreement with a regulatory agency. Mitigation banks have four distinct components:
1. The bank site: the physical acreage restored, established, enhanced, or preserved;
2. The bank instrument: the formal agreement between the bank owners and regulators establishing liability, performance standards, management and monitoring requirements, and the terms of bank credit approval;
3. The Interagency Review Team (IRT): the interagency team that provides regulatory review, approval, and oversight of the bank; and
4. The service area: the geographic area in which permitted impacts can be compensated for at a given bank.
In an effort to help farmers with property for sale and stimulate industry in Huron Township, the Local Development Finance Authority has purchased twenty three acres on Bell Road for Wetland Mitigation in anticipation of future development. This parcel can be split to accommodate any number of project requirements.
So in effect, while helping struggling farmers by purchasing property the LDFA Authority now has an incentive available to attract potential future land developments in the Township. Should a project be suitable in a wetland area, the facility can now proceed and a new wetland constructed in the acreage owned by the LDFA. For more information about the LDFA www.ldfahurontwp.com .